Here we have the debt schedule. And I can see I'm looking at cash flow before revolving credit facility, refinance, and sweep. We then add on beginning cash, subtract the minimum cash to find out cash available for a revolver refinance and sweep. What we're going to see here is what happens when the revolver's all used up. Now, in order to see that, I need to go to my Info tab. I need to turn my circular switch on. We get the error pop up on the screen telling us there's a circular reference, so I need to hit alt + f + t and I go down to formulas to enable iterative calculations. Interest is now flowing through the model. If I go back to the debt schedule, we can now see some more interesting figures. If we have a look at the cash available for the revolver, we can see that in a couple of years it goes negative.

In the year to December '24, we can see cash available is -75. Well, let's check on the Input tab how much of a revolving credit facility we had. We had 100. So 75, that's okay. 75.9, no worries. But the next year we do have a problem because we've already got 75 of the revolver already used up, and we need another 186. Well, 24.1 of it is undrawn, so we can add that on. That gets us to our closing balance of 100, but there's still about 160 that needs funding. So we move on from the revolving credit facility to the refinancing facility. And here, we've got our drawdown, 162.7. That becomes our closing balance, and it stays at that for a couple of years, and then eventually in the year to December '28, we start to repay it. So if we scroll back up again, we can see we're into positive cash flow territory in the year to '28 and we pay off the revolver and the excess, the 131, is used to start paying off the refinancing facility. So what is a refinancing facility? Well, it's like a super revolver or a bridge loan. If I go to the Input tab, why do we not want to use it? Why would I rather use the revolver instead of the refinancing facility? It's because of the interest rate. The interest rate on your refinancing facility's 8%, on the revolver is a mere 4.25. So I'd rather use the revolver. Unfortunately, it's capped at 100. So just for those couple of years, we're forced to use the refinancing facility.